British banking giant Standard Chartered has joined the Enterprise Ethereum Alliance. As a member of the Alliance, Standard Chartered will be able to work with other industry leaders to increase the effectiveness of blockchain solutions in the banking sector.
Other banking giants like JPMorgan,ING, Citi and the Spanish banking group BBVA, are already part of the Alliance, along with 100 other organizations. EEA aims to encourage the use of the Ethereum blockchain as an open standard to empower enterprises. In turn, Standard Chartered sees the blockchain as "the main element of banking and commerce in the digital age, so transactions can be checked, protected and processed in real time."
This is not the first blockchain initiative of StandardChartered. The bank is one of the founders of the trading platform on the Voltron blockchain and has recently completed its first international transaction on a letter of credit (LC) on a platform for the oil industry.
Standard Chartered is among the companies investing in the Ripple project and is also involved in creating blockchain-based supply chain finance solutions with Linklogis, a Chinese company.